Dealmaker: Berkadia Secures $81M for Multifamily Assets
Berkadia’s Atlanta and St. Louis offices secured $81 million for three apartment properties in Georgia and Alabama.
Senior Managing Director John Bray of Berkadia Atlanta secured $56.5 million for borrower Spaxel, New York, which acquired Hidden Colony Apartments and Spaulding Hills Apartments in Georgia in a $64.5 million transaction brokered by Berkadia Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White.
Vetter said each property exhibits strong fundamental trends and excellent renter demographics. The unit mix includes townhome layouts in some units, he noted.
“Like the strong demand on the buyer side, the competition to finance these properties was also intense from numerous debt funds,” Bray said. “The majority of the bridge lenders we contacted also saw the upside in these assets and were able to get 75-percent-plus leverage at very competitive spreads.”
Hidden Colony Apartments is a 280-unit community in Doraville, Ga., close to Mercer University, Northside Hospital and Interstates 85 and 285. Spaulding Hills Apartments, a 98-unit community in Atlanta’s Peachtree Corners submarket, has one-, two- and three-bedroom floor plans and community amenities include a swimming pool, playground and dog park.
In Saraland, Ala., Berkadia secured $24.5 million in permanent refinancing for garden-style property Olde Oak Apartments. Director Pat Garlich of Berkadia St. Louis secured the seven-year Freddie Mac loan for Missouri-based borrower Maxus Realty Trust Inc. The deal closed on September 20.